BTC Needs $114K Weekly Close or Faces Pullback

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Bitcoin may see a deeper correction toward $103,000 after losing a key support level, new price analysis concludes.

Bitcoin needs a weekly close above $114,000 to avoid a deeper correction and reaffirm bullish strength.

Failure to hold $112,000 and a bear flag breakdown could trigger drop to $103,700.

Bitcoin may avoid an “ugly” correction to lower levels if BTC/USD ends the week above $114,000, according to traders and analysts.

Why Bitcoin price must reclaim $114,000
Bitcoin price is heading for its third consecutive week of losses, 11% below its Aug. 14 all-time high of $124,500, per data from Cointelegraph Markets Pro and TradingView. 

Bitcoin dropped below the crucial level of $114,000, a level that has supported the price over the previous six weeks, as shown in the chart below. 


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